Disney CEO Iger hints at selling media assets
ABC, ESPN among TV assets that could be potentially for sale in future
FOX Business senior correspondent Charlie Gasparino joins 'The Claman Countdown' to discuss Disney CEO Bob Iger seeking a contract extension beyond his current end date of 2024.
Disney CEO Bob Iger said Thursday that he may offload the company’s TV assets because they "may not be core" to the business.
Iger said he would look at Disney’s traditional TV business, which owns and operates a series of networks like broadcast station ABC and cable channels like ESPN.
"They may not be core to Disney," Iger told CNBC.
Since Iger’s return last year, Disney has initiated layoffs impacting thousands of employees, while also cutting billions of dollars in spending.
WHAT DISNEY'S EXECUTIVE EXODUS MEANS FOR CEO BOB IGER
FILE PHOTO: A 3D-printed Disney logo is seen in front of the ESPN+ logo in this illustration taken on July 13, 2021. REUTERS/Dado Ruvic/Illustration (REUTERS/Dado Ruvic/Illustration / Reuters Photos)
"After coming back," Iger said, "I realized the company is facing a lot of challenges, some of them self-inflicted."
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On Wednesday, Disney added two years to Iger’s contract. The two-year extension ensures Iger will hold the CEO position at the entertainment giant until the end of 2026.
DISNEY CEO BOB IGER GETS TWO-YEAR CONTRACT EXTENSION
According to Disney, the board’s vote on the additional years was unanimous. His original deal had him as CEO until the end of 2024.
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Iger said in a statement that he agreed to stay on longer because "there is more to accomplish before this transformative work is complete" and he wanted to "ensure Disney is strongly positioned when my successor takes the helm."
WHAT DISNEY'S EXECUTIVE EXODUS MEANS FOR CEO BOB IGER
In the announcement about his contract extension, both Iger and Disney appeared to highlight the importance of looking for someone to succeed him.
Bob Iger attends a basketball game between the Los Angeles Clippers and the Phoenix Suns at Crypto.com Arena on April 20, 2023 in Los Angeles, California. (Photo by Allen Berezovsky/Getty Images)
"The importance of the succession process cannot be overstated, and as the Board continues to evaluate a highly qualified slate of internal and external candidates, I remain intensely focused on a successful transition," Iger said.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DIS | THE WALT DISNEY CO. | 115.67 | +0.94 | +0.82% |
Meanwhile, Disney stock is wobbling on Thursday, after slipping roughly 3.4% the last month and around 11% the last three months.
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FOX Business' Aislinn Murphy contributed to this report.